Dutch-based Momo Medical raises €6
Delft-based Momo Medical, a company that improves patient safety through technology, announced on Thursday that it has secured €6.5M in funding from pension manager PGGM, NextGen Venture, and other renowned investors.
It includes Jay Searson, UNETI Ventures, and the Centre for Aging + Brain Health Innovation.
With this funding, the Dutch company plans to finance its growth strategy, aiming to double the number of beds in Dutch nursing care to 30 thousand supported by the Momo App.
The new growth capital will be used primarily in the Netherlands in nursing care. Expansion abroad is also planned, claims the company.
Additionally, Momo Medical has received a grant of half a million euros from the European Regional Development Fund for collaboration with Tilburg University, Fontys University of Applied Sciences, nursing homes tanteLouise and Avoord, and other entrepreneurs in the context of artificial intelligence in healthcare and data-driven work.
Founder and CEO of Momo Medical Menno Gravemaker, says “We are extremely proud that the Pension Fund for Healthcare and Welfare is investing in our company via PGGM. This step underlines the dedication of PFZW and PGGM to stimulating healthcare innovation in the Netherlands and jointly helping to solve the healthcare shortage.”
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The announcement comes around ten months after winning the Dutch Innovation Prize 2023 for its groundbreaking innovation, BedSense.
Momo Medical: Provides healthcare professionals with insight
Momo Medical was founded in 2017 by Menno Gravemaker after his experiences with caring for his grandmother in a nursing home.
Momo Medical focuses on preventing pressure ulcers through a monitoring system, demonstrating its commitment to improving healthcare outcomes through innovative solutions.
The company’s BedSense App, a sensor plate placed under nursing home mattresses, offers caregivers real-time insights into memory care residents.
Nurses and carers can use the insights in this app to provide person-centred care and for an overview of all residents of a nursing ward.
This technology allows caregivers to proactively prevent falls by setting personalised alerts and detecting potential bed exits up to 70 seconds in advance, ensuring a safer and more comfortable night for all residents.
The company is experiencing strong growth, with revenues increasing by 246 per cent in 2023.
The investor
PGGM is a cooperative non-profit pension implementation organisation.
As a pension and asset manager, the organisation ensures good retirement provisions for participants affiliated with several pension funds, including Pension Fund for Healthcare and Welfare, Pension Fund for Metal and Technology, Stipp, Bpf Schilders, and Bpf Koopvaardij.
As of 30 June 2024, PGGM managed €243B in long-term pension capital for its clients worldwide.
PGGM originates from the healthcare and welfare sector and uses its expertise to support this valuable sector with labour market issues.
Through its member organisation PGGM&CO, it supports 765 thousands of active and retired people with a background in healthcare and welfare.
Maurice Klaver, senior investment manager of private equity at PGGM, says, “The healthcare sector is increasingly short of hands and the demand for care continues to increase due to the ageing population. Smart new applications such as those developed by Momo Medical are absolutely necessary to guarantee sufficient care in the future. With the money we manage for PFZW, we are constantly looking for opportunities to invest in these types of innovative solutions. We expect that Momo Medical can have an even greater impact on the Dutch healthcare sector with the new growth capital. This ties in very well with PFZW’s objective to contribute to the transition of this important sector through investments.”
